The production of conventional five-cent pieces was cut short in the spring of 1942, as the U. S. Mint began preparations for a new alloy that would reduced the copper content of this coin and eliminate nickel altogether for the duration of World War II.
1942(P) nickels are plentiful in Mint State, but a great many of them reveal worn dies and so-so luster. This issue was not well struck as a rule. The coins reveal a frequent problem with Jefferson Nickels in that its soft strike failed to smooth the many marks in the planchet. These marks appear at the highest points of the coin's design, such as Jefferson's jaw. Examples having either 5FS or 6FS are scarce and rare, respectively.
A couple of doubled-die obverse (DDO) varieties have become popular
Mintage:
| Philadelphia | Denver | Silver P | Silver S |
| 49,818,600 | 13,938,000 | 57,900,600 | 32,900,000 |